Friday, 28 August 2015
Last updated 13 hours ago
Jul 12 2013 | 3:11am ET
Highbridge Capital Management's Glenn Dubin is stepping down as CEO of the $31 billion hedge fund, more than 20 years after founding the firm and four years after completing its sale to JPMorgan Chase.
Scott Kapnick, the former Goldman Sachs investment bank co-chief who set up Highbridge's private-equity unit, will succeed Dubin, the only CEO Highbridge has ever had. Dubin will remain with the firm as chairman, and said that the move is part of a long-standing succession plan.
"In no way am I leaving the firm, and in no way am I retiring or semi-retiring," he told The Wall Street Journal. "My day job has teeth…. I'm going to go to the office every day; I've got a big bulk of my personal capital invested in Highbridge funds."
Dubin's exit comes amidst a period of middling performance by Highbridge's flagship hedge fund.
Kapnick has been with Highbridge since 2007 and has built its private-equity unit into a $14 billion business.
"I don’t think it was much of a choice as it was obvious Scott is going to succeed me as CEO of Highbridge," Dubin said.
Dubin's co-founder, Henry Swieca, left Highbridge in 2009, when the firm completed its sale to JPMorgan Chase, which had taken a stake in the hedge fund in 2004. Swieca now runs Talpion Fund Management, a hedge-fund seeding operation.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…